New Frontiers of Philanthropy

A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Edited by Lester M. Salamon

Provides the most comprehensive and balanced account of a development that is fundamentally changing the way social and environmental purposes are beginning to be pursued around the world-namely through complex combinations of charitable, governmental, and private investment resources

Introduces the concept of the 'new frontiers of philanthropy,' a new conceptual lens that can organize and bring into focus a quite dramatic and promising set of changes under way in the broad arena of mobilizing private resources for social and environmental purposes

Lays a powerful foundation for students newly entering this field as well as long-time practitioners who are familiar with one or another tool of type or organization but have a limited understanding of the entire eco-system that is emerging

New Frontiers of Philanthropy

A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Edited by Lester M. Salamon

Description

The resources of both governments and traditional philanthropy are either barely growing or in decline, yet the problems of poverty, ill-health, and environmental degradation balloon daily. It is therefore increasingly clear that we urgently need new models for financing and promoting social and environmental objectives. Fortunately, a significant revolution appears to be underway on the frontiers of philanthropy and social investing, tapping not only philanthropy, but also private investment capital, and providing at least a partial response to this dilemma. This book examines the new actors and new tools that form the heart of this revolution, and shows how they are reshaping the way we go about supporting solutions to social and environmental problems throughout the world.

With contributions from leading experts in the field, New Frontiers of Philanthropy provides a comprehensive analysis of the many new institutions that have surfaced on this new frontier of philanthropy and social investment; the new tools and instruments these institutions are bringing to bear; the challenges that these actors and tools still encounter; and the steps that are needed to maximize their impact. The result is a powerful and accessible guide to developments that are already bringing significant new resources into efforts to solve the world's problems of poverty, ill-health, and environmental degradation; unleashing new energies and new sources of ingenuity for social and environmental problem-solving; and generating new hope in an otherwise dismal scenario of lagging resources and resolve. Investors, philanthropists, social entrepreneurs, nonprofit leaders, business executives, government officials, and students the world over will find much to build on in these pages.

New Frontiers of Philanthropy

A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Edited by Lester M. Salamon

Author Information

LESTER M. SALAMON served as deputy associate director of the US Office of Management and Budget and is now Professor at the Johns Hopkins University and Director of the Johns Hopkins Center for Civil Society Studies.

Contributors:

Directory of Participants

Editor and Project Director Lester M. Salamon is a Professor at The Johns Hopkins University and Director of the Johns Hopkins Center for Civil Society Studies. He previously served as the founding director of the Johns Hopkins Institute for Policy Studies, as the director for Governance and Management Research at the Urban Institute in Washington, D.C., and as deputy associate director of the U.S.Office of Management and Budget. Dr. Salamon is an expert on the tools of government and has been a pioneer in the empirical study of the nonprofit sector in the United States and around the world. His book, America's Nonprofit Sector: A Primer, is the standard text used in college-level courses on the nonprofit sector in the United States. His Partners in Public Service: Government and the Nonprofit Sector in the Modern Welfare State won the 1996 ARNOVA Award for Distinguished Book in Nonprofit and Voluntary Action Research, and in 2012 was awarded the Aaron Wildavsky Enduring Contribution Award from the American Political Science Association. Dr. Salamon's recent books include The Tools of Government: A Guide to the New Governance (Oxford University Press, 2002); Global Civil Society: Dimensions of the Nonprofit Sector (Kumarian Press, 2004); Rethinking Corporate Social Responsibility: Lessons from Latin America (Kumarian Press, 2010); America's Nonprofit Sector: A Primer, Third Edition (Foundation Center, 2012); and The State of Nonprofit America, Second Edition. (Brookings Institution Press, 2012). Dr. Salamon received his B.A. degree in Economics and Policy Studies from Princeton University and his Ph.D. in Government from Harvard University. He served from 1998 to 2006 as the Chairman of the Board of the Chesapeake Community Foundation.

Project Coordinator William Burckart is the Managing Director of Impact Economy (North America) LLC. Prior to this role, he managed special initiatives for the Johns Hopkins Center for Civil Society Studies, including the New Frontiers of Philanthropy, Philanthropication thru Privatization, and Nonprofit Value Proposition projects. He previously assisted Venture Philanthropy Partners in the seven-year assessment of its investment portfolio, worked in the United Kingdom Parliament, and served as an editor for BizShanghai. Mr. Burckart holds an MA in Public Policy from Johns Hopkins University and a BA in International Affairs from George Washington University.

Contributors Elise Balboni recently rejoined Local Initiatives Support Corporation (LISC) as Chief Credit Officer after serving as a consultant for nonprofits and foundations in the area of charter school facility financing. Previously, she served as LISC's Vice President of Education Programs, where she had responsibility for oversight of the Educational Facilities Financing Center. Prior to joining LISC, she served as an Associate in municipal finance at CS First Boston and Cambridge Partners and as Budget Director for the Massachusetts Senate Committee on Ways and Means. Ms. Balboni received her B.A. from Harvard University and her M.B.A. from the Stanford Graduate School of Business.

Jessica Bearman works with philanthropic and other mission-based organizations, helping them become more effective and responsive to the communities that they serve. She is the author of Drowning in Paperwork, Distracted from Purpose, a study of grantmakers' application and reporting practices, as well as many supporting materials and workshops on this topic. As a consultant and in her prior role as deputy director of the New Ventures in Philanthropy, Ms. Bearman has written and spoken widely about new and established philanthropy and is the author of several studies of giving circles and shared giving, including Giving Together, More Giving Together, and The Impact of Giving Together.

Shari Berenbach's thirty-year career ranges from international banking to microfinance in both the public and private sectors. She was recently named President & CEO of the US African Development Foundation after having served as Director of USAID's Microenterprise Development Office (2010-2012). From 1997-2010 she led the Calvert Foundation, an impact investing pioneer. Earlier she worked for the International Finance Corporation, Citigroup and Solomon Brothers. She has an MBA in Finance from Columbia University, and graduate and undergraduate degrees from the University of California. Ms. Berenbach currently serves on the Calvert Foundation Board and the FASB Non-profit Advisory Committee.

Matthew Bishop is the US Business Editor and New York Bureau Chief of The Economist. He was previously the magazine's London-based Business Editor, and is also the author of 'Essential Economics,' the official Economist guide to economics. He is a member of the World Economic Forum's Global Agenda Council on the Role of Business. Mr. Bishop is co-author with Michael Green of Philanthrocapitalism: How giving can save the world (Bloomsbury 2008) and The Road From Ruin: How to revive capitalism and put America back on top (Crown 2010).

Monica Brand is founder and Principal Director of Frontier Investments, a growth stage equity fund sponsored by ACCION International to invest in disruptive business models that catalyze breakthrough innovation in financial inclusion. Prior to assuming the role as fund manager, she launched and ran ACCION's Marketing and Product Development Unit and worked in Mexico with Compartamos Bank, the largest MFI in Latin America. Before joining ACCION, she founded Anthuri Catalysts to help prepare potential portfolio companies for investment. She currently serves as an Adjunct Professor at the John Hopkins School of Advanced International Studies (SAIS) teaching a graduate-level course on impact investing. Ms. Brand received both an M.B.A. and a Master's of Education from Stanford University and a Bachelor's degree magna cum laude in Economics from Williams College.

Craig Churchill, Team Leader of the International Labour Organization's Microinsurance Innovation Facility based in Switzerland, is a pioneer and leader in the microinsurance field with over two decades of microfinance and microinsurance experience. He serves as the Chair of the Microinsurance Network and is on the governing body of the Access to Insurance Initiative. Mr. Churchill has authored and edited over 40 articles, papers, monographs and training manuals on various microfinance topics. Protecting the poor: A microinsurance compendium, Volumes I (2006) and II (2012), which he edited, are the most authoritative books on the subject.

Rick Cohen is a correspondent for Nonprofit Quarterly magazine and the former executive director of the National Committee for Responsive Philanthropy.

Bill Dietel served as President of the Rockefeller Brothers Fund (RBF), 1975-87. Prior to his time with RBF, he was Principal of the Emma Willard School, Assistant Dean and Assistant Professor at Amherst College, and an instructor of History at the University of Massachusetts. He has served on more than twenty-five nonprofit boards that include the New York Public Library, Public Radio International, Pierson Lovelace Foundation, Guidestar International, and the F. B. Heron Foundation. He founded Dietel Partners, a philanthropic advisory service in 2000. Mr. Dietel holds a PhD from Yale University, a BA from Princeton University, and is a Phillips Exeter Academy graduate.

Michael Edwards is a Distinguished Senior Fellow at Demos in New York, and the editor of the web-magazine Transformation@openDemocracy. He has worked for many different organizations including Oxfam, Save the Children, the World Bank and the Ford Foundation, where he directed the Governance and Civil Society program from 1999 to 2008. His latest books include Civil Society, the Oxford Handbook of Civil Society, and Small Change: Why Business Won't Save the World. Mr. Edwards received the Gandhi, King Ikeda Award from Morehouse College in 2011. His website is http://www.futurepositive.org.

Angela M. Eikenberry is an associate professor in the School of Public Administration at the University of Nebraska at Omaha, where she also serves as the advisor for the nonprofit concentration in the MPA program. Her main research interests include philanthropy and nonprofit organizations and their role in democratic governance. She has published articles in numerous academic journals and her research has been featured on NPR's All Things Considered and in the Stanford Social Innovation Review. Her book, Giving Circles: Philanthropy, Voluntary Association, Democracy (Indiana University Press) won the CASE 2010 John Grenzebach Research Award for Outstanding Research in Philanthropy, Published Scholarship.

David J. Erickson is director of the Center for Community Development Investment at the Federal Reserve Bank of San Francisco and edits the Federal Reserve journal Community Development Investment Review. His research areas in the Community Development Department of the Federal Reserve include community development finance, affordable housing, economic development, and institutional changes that benefit low-income communities. He has been a leader in the collaboration between the Federal Reserve and the Robert Wood Johnson Foundation on bringing health together with community development. His publications include The Housing Policy Revolution: Networks and Neighborhoods (Urban Institute Press, 2009), and Investing in What Works for America's Communities: Essays on People, Place, and Purpose (Federal Reserve Bank of San Francisco and Low Income Investment Fund, 2012). Mr. Erickson holds a Ph.D. in history and a master's degree in public policy from the University of California, Berkeley, and an undergraduate degree from Dartmouth College.

Peter Frumkin is a professor of social policy at the University of Pennsylvania where he directs the Masters in Nonprofit Leadership program and the Center for High Impact Philanthropy. He is the author of Strategic Giving, On Being Nonprofit, Serving Country and Community, and other books and articles on philanthropy, nonprofit strategy, volunteering, and social entrepreneurship

Katie Grace is Program Manager at the Initiative for Responsible Investment (IRI) at Harvard University, where she conducts research on public policy and impact investment, sustainable cities investment, and place-based frameworks for community development. She has authored or co-authored a number of works on impact investment, sustainable cities investment, and corporate social responsibility disclosure requirements, among other topics. Prior to coming to the IRI, she worked as a research analyst at the Tellus Institute. Ms. Grace graduated with honors from Williams College with a BA, cum laude, in Political Science and a Concentration in Leadership Studies.

Michael Green is the Executive Director of the Social Progress Imperative. He was formerly a senior official in the British Government where he served three Secretaries of State for International Development as head of communications and managed the UK aid programme to Russia and Ukraine. Mr. Green is co-author with Matthew Bishop of Philanthrocapitalism: How giving can save the world (Bloomsbury 2008) and The Road From Ruin: How to revive capitalism and put America back on top (Crown 2010).

Lisa Hagerman, is the Director of Programs at DBL Investors, a double bottom line venture capital firm in San Francisco. She was previously the Director of More for Mission at the Harvard Kennedy School, a research and advocacy initiative promoting mission investing, which she built into a network of over 90 foundations representing over $38 billion in total assets. She was previously a Vice President of Economic Innovation International. In addition, she has ten years of banking experience, three of which were with Wells Fargo Bank in Government Relations and seven years with Citibank's Latin American Marketing Division. Dr. Hagerman holds a Visiting Research Associate position at Oxford University, School of Geography and the Environment. Ms. Hagerman received her Bachelor of Arts degree from Bucknell University, her Master of Arts in political science from the University of North Carolina at Chapel Hill, and her doctorate in economic geography from Oxford University.

John Kohler is Co-founder of the Global Impact Investor Network (Toniic), a syndication network of worldwide impact investors. He currently serves as an Executive Fellow and Director of Social Capital at Santa Clara University's Center for Science, Technology and Society, and has twenty years of executive level experience at technology corporations including Hewlett Packard, Silicon Graphics and Convergent Technologies, Unisys, and Netscape Communications, the latter of which he served as one of the founding executives. Mr. Kohler is the author of a recent report entitled Coordinating Impact Capital: A New Approach to Investing in Small and Growing Businesses and currently serves on a number of boards and advisory bodies, including Redleaf Group, LucidMedia, PACT (an NGO based in Washington D.C.), the UCLA Venture Capital Fund, the UCLA Sciences Board of Visitors, and the World Economic Forum. Mr. Kohler received his bachelor's degree concentrating in international economics from UCLA and completed executive programs at Wharton and Stanford business schools.

Robert Kraybill is Managing Director at Impact Investment Exchange Asia (IIX) and a member of the Board at Shujog. He is a senior finance executive with over two decades of capital market experience as an investment banker (with Morgan Stanley, Credit Suisse, Wasserstein Perella, and Dresdner Kleinwort Wasserstein) and as a private equity investor (Marathon Asset Management). He has significant experience in emerging markets in Asia and came to the region as regional head of investment banking for Dresdner Kleinworth Wasserstein. More recently, he was head of Asian private equity for Marathon Asset Management. In addition to his work at IIX and Shujog, he is Senior Advisor to Asian Tiger Capital, a financial services boutique operating in Bangladesh, and has served as an Adjunct Professor in the MBA program of Singapore Management University. Mr. Kraybill holds a BA from Princeton University, magna cum laude, and a JD from the University of Pennsylvania School of Law, summa cum laude.

Steven Lydenberg is Partner, Strategic Vision, of Domini Social Investments and Founding Director of the Initiative for Responsible Investment. He has been active in social research since 1975. He was a founder of KLD Research & Analytics, Inc. and served as its research director from 1990 to 2001. He has written numerous publications on issues of corporate social responsibility and responsible investing. Mr. Lydenberg holds a B.A. in English from Columbia College and an M.F.A. in theater arts from Cornell University, and holds the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society.

Dr. Maximilian Martin is the Founder and Global Managing Director of Impact Economy and President of the Impact Pledge Foundation. He previously served as Founding Global Head and Managing Director of UBS Philanthropy Services, Head of Research at the Schwab Foundation, Senior Consultant with McKinsey & Company, instructor at Harvard's Economics Department, and Fellow at the Center for Public Leadership, Harvard Kennedy School. Dr. Martin created the first university course on social entrepreneurship in Europe and holds a MA in anthropology from Indiana University, a MPA from Harvard University, and a Ph.D. in economic anthropology from the University of Hamburg.

Norah McVeigh is Managing Director, Financial Services, at the Nonprofit Finance Fund where she is responsible for NFF's investing products, including on and off balance sheet lending, New Market Tax Credits (NMTC), and credit enhancement. Her portfolio includes a $60 million loan portfolio, and a $231 million NMTC portfolio. She also develops and operationalizes new impact investing products and key partnerships. Before joining NFF she worked at the Housing Development Fund in Stamford, Connecticut, and at International Voluntary Services. Ms. McVeigh holds a Master's degree in Public and Private Management from the Yale School of Management and a BS from Georgetown University.

Mario Morino serves as chairman of the Morino Institute and co-founder and chairman of Venture Philanthropy Partners. His career spans more than 45 years as entrepreneur, technologist, and civic and business leader. He also has a long history of civic engagement and philanthropy in the National Capital Region and Northeast Ohio. Mr. Morino is the primary author of the book, Leap of Reason: Managing to Outcomes in an Era of Scarcity (2011), which is informing efforts in more than 50 countries to increase the impact of nonprofits, foundations, and public-sector entities.

Dr. Alex Nicholls is the first tenured lecturer in social entrepreneurship appointed at the University of Oxford and was the first staff member of the Skoll Centre for Social Entrepreneurship in 2004. His research interests range across several key areas within social entrepreneurship and social innovation, including: the nexus of relationships between accounting, accountability, and governance; public and social policy contexts; social investment; and Fair Trade. To date he has published more than fifty papers, chapters and articles and four books. Most appear in a wide range of peer reviewed journals and books, including four sole authored papers in Financial Times Top 30 journals (with another under review and resubmit). His 2009 paper on social investment won the Best Paper Award (Entrepreneurship) at the British Academy of Management. In 2010, he edited a Special Edition of Entrepreneurship, Theory and Practice on social entrepreneurship - the first time a top tier management journal had recognized the topic in this way. Dr. Nicholls is the General Editor of the Skoll Working Papers series and the Editor of the Journal of Social Entrepreneurship.

Lauren Peterson works at Abt Associates, where she supports activities designed to increase the use of risk management and financing strategies to improve access to quality health care by low-income households, and contributes to research on a variety of health finance topics in developing countries. Prior to joining Abt Associates, she worked for the International Labour Organization's Microinsurance Innovation Facility in Geneva, Switzerland. Ms. Peterson holds a bachelor's degree in Public Policy with highest honors from the University of North Carolina at Chapel Hill.

Luther M. Ragin, Jr. is Chief Executive Officer of the Global Impact Investing Network. He was previously Vice President for Investments at the FB Heron Foundation and a William Henry Bloomberg Lecturer in Public Management at the Harvard Kennedy School.

Lisa Richter is co-founder and principal of GPS Capital Partners, a U.S.-based consultancy assisting large and small foundations and institutional investors to design and execute impact investing strategy. GPS's services span asset classes, return expectations, geographies and sectors, with a focus on increasing equitable access to opportunity. GPS network consultants have managed impact investment portfolios totaling some $4 billion within foundations, community development financial institutions, equity funds, and banks. Ms. Richter authored the Grantmakers In Health Guide to Impact Investing and co-authored Equity Advancing Equity, a guide to U.S. community foundation impact investing; she frequently leads educational events on impact investing.

Julia Sass Rubin is an Associate Professor at the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. She has written numerous journal articles and book chapters on developmental finance and advised a number of organizations on this topic, including the United States Small Business Administration and the John D. and Catherine T. MacArthur Foundation. Ms. Sass Rubin earned her Ph.D. and MA from Harvard University, an MBA with distinction from Harvard Business School, and an AB with honors from Harvard-Radcliffe College. She was a post-doctoral fellow at the Alfred A. Taubman Center for Public Policy at Brown University.

Shirley Sagawa is Senior Policy Advisor to America Forward, a policy coalition of social entrepreneurs, and serves as a Center for American Progress fellow, and an Adjunct Professor at the Georgetown Public Policy Institute. She is author of The American Way to Change: How National Service and Volunteers are Transforming America, (Jossey-Bass 2010), and co-author of The Charismatic Organization (Jossey-Bass, 2008) and Common Interest, Common Good: Creating Value through Business and Social Sector Partnerships (Harvard Business School Press). She served in the Obama transition and as a presidential appointee in the first Bush and Clinton Administrations. Ms. Sagawa played major roles in developing the Social Innovation Fund, the Corporation for National and Community Service, and AmeriCorps. She began her career working for Senator Edward M. Kennedy and is a graduate of Smith College, the London School of Economics, and Harvard Law School.

Rodney Schwartz is CEO of ClearlySo. His background in equity research, investment banking, and venture capital makes him an unconventional but authoritative writer on the social finance sector. Joining Wall Street in 1980, he rose to become the number one ranked financial services analyst at PaineWebber and then held senior management posts at Lehman Brothers and Paribas, before leaving the sector in 1997 to found the venture capital firm Catalyst. At Catalyst, he became passionate about innovative businesses that earn a living by trying to make the world a better place. A pioneer in this social investment marketplace, he transformed Catalyst into a social business consultancy and in 2008 launched ClearlySo, which raises investment for social entrepreneurs. Mr. Schwartz guest lectures on social finance at the Said Business School (Oxford) and other European universities and is a regular sector commentator. Former Chair of Shelter and JustGiving, he currently chairs The Green Thing and Spacehive. He holds an MBA and BA from the University of Rochester.

Durreen Shahnaz is the Founder and Chairwoman of Impact Investment Exchange Asia (IIX), the Founder and Managing Director of Shujog, and an Adjunct Associate Professor at the Lee Kuan Yew School of Public Policy. In a career spanning over two decades, she has built a track record as a successful banker, media executive, and social entrepreneur. She began her professional career as an investment banker at Morgan Stanley (New York), followed by stints at Grameen Bank (Bangladesh), The World Bank (Washington, D.C.), and Merrill Lynch (Hong Kong). As a media executive, she headed up the Asia operations of Hearst Magazine International, Reader's Digest Asia, and Asia City Publishing. She also founded, ran, and sold oneNest, a social enterprise and global marketplace for handmade goods. She is a TED 2010 Fellow as well as an Asia Society 21 Fellow. Ms. Shahnaz he is an appointed member of the World Economic Forum's Global Agenda Council on Social Innovation for 2011 and is on the advisory board for CASE i3 at Duke's Fuqua School of Business. She is also the Social Entrepreneur in Residence for INSEAD's Social Entrepreneurship Catalyst Program. She holds a BA from Smith College; an MBA from the Wharton School at the University of Pennsylvania; and an MA from the School for Advanced International Studies at Johns Hopkins University.

Vincent Stehle is Executive Director of Media Impact Funders, an affinity group of foundation officials and philanthropists who support public interest media. Previously, he was a consultant with the John S. and James L. Knight Foundation. Before that, he was Program Director for Nonprofit Sector Support at the Surdna Foundation, a family foundation based in New York City. Prior to joining Surdna, he worked for ten years as a reporter for the Chronicle of Philanthropy, where he covered a broad range of issues about the nonprofit sector. Mr. Stehle has served as Chairperson of Philanthropy New York (formerly the New York Regional Association of Grantmakers) and on the governing boards of VolunteerMatch and the Nonprofit Technology Network (NTEN). Currently he serves on the Board of Directors of the Center for Effective Philanthropy.

Mary Tingerthal is the Commissioner of the Minnesota Housing Finance Agency. She has worked in the field of social lending and investing for much of her career, including her service as Vice President of Capital Markets at Community Reinvestment Fund (CRF), where she pioneered the use of rated asset-backed securities backed by small business and affordable housing loans to attract over $100 million in investments from social and market investors. Ms. Tingerthal also served as President, Capital Markets Companies for the Housing Partnership Network, where she staffed the Charter School Financing Partnership.

Brian Trelstad is a Partner at Bridges Ventures, a leading developed market impact investment fund. Until January 2012, he was the Chief Investment Officer of Acumen Fund. Brian previously worked with McKinsey & Company and the Corporation for National Service. He has degrees from Harvard College, Stanford University's Graduate School of Business, and the University of California at Berkeley's Department of City and Regional Planning. Mr. Trelstad is a Henry Crown Fellow of the Aspen Institute and a Kauffman Fellow of the Center for Venture Education.

Melinda T. Tuan is an independent consultant who is passionate about helping philanthropic organizations be more effective. Previously, she co-founded REDF, a social venture fund that works with a portfolio of nonprofit organizations employing formerly homeless and very low-income individuals in market-based enterprises. She is recognized nationally for her work in high engagement philanthropy, foundation effectiveness, nonprofit capacity building, and evaluation. Ms. Tuan graduated from Harvard University magna cum laude with an AB in Social Studies focusing on urban poverty and homelessness and holds an MBA and certificate in nonprofit management from the Stanford Graduate School of Business.

Drew von Glahn oversees the World Bank's Development Marketplace, a grant based program that focuses on surfacing and supporting high performing social enterprises working in developing countries. He has been a social entrepreneur himself, having been the Co-Founder and Managing Partner of Third Sector Capital Partners, a leading advisor for the social enterprise sector on such innovative financings as Social Impact Bonds/Pay-for-Success. Prior to Third Sector, he was the President & CEO of FEI Behavioral Health, the social venture subsidiary of the Alliance for Families and Children. Mr. von Glahn's background also includes senior positions in several global investment banks, including Credit Suisse and ING, where he gained invaluable experience in debt and equity markets and corporate finance.

Caroline Whistler is currently Partner for Advisory Services at Third Sector Capital Partners, where she leads client and government advisory engagements and develops customized PFS arrangements. She co-founded Third Sector Capital Partners with Drew von Glahn and George Overholser after completing a Fulbright Fellowship in Brazil researching nonprofit sustainability with Ashoka and Fundação Getulio Vargas University. Previously she worked at Nonprofit Finance Fund (NFF) Capital Partners, a leader in applying growth metrics and accountability to equity-like financing for high performing nonprofits. While at NFF, Ms. Whistler structured growth capital campaigns, conducted economic feasibility analyses, and designed scenario planning tools to help raise millions in capital for nonprofits.

David Wood directs the Initiative for Responsible Investment's (IRI) research and field-building work on responsible investment across asset classes, and currently manages projects on RI strategy with pension fund trustees, mission investing by foundations, the changing landscape of community investing in the US, and impact investing and public policy. The IRI is a project of the Hauser Institute for Civil Society at Harvard University. Prior to joining the IRI he taught the History of Ethics, including the History of Economic Thought and Human Rights, at Boston University. Mr. Wood holds a Ph.D. in History from the Johns Hopkins University, and serves on the Board of Directors of US SIF: The Forum for Sustainable and Responsible Investment.

New Frontiers of Philanthropy

A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Edited by Lester M. Salamon

Reviews and Awards

"Lester Salamon's insightful identification and scholarly analysis of a hitherto invisible revolution underway on the frontiers of philanthropy and social investing is possibly the most exciting and fresh lens we have had to date with which to look at an important set of new developments in the social-purpose arena that up to this point have largely been neglected. Salamon's work should help usher in a new era of social-purpose finance, the end result of which may be new alliances among foundations, governments, and the managers of private investment capital to leverage substantial new resources into efforts to solve problems of poverty, ill-health, and environmental degradation the world over. New Frontiers of Philanthropy is truly cutting edge research that should be read and disseminated widely." --Gerry Salole, Chief Executive, European Foundation Centre

"The past 25 years have seen dramatic changes in the field, and practice, of charitable giving. The next 25 years promise even further change-and at a more rapid pace. New Frontiers of Philanthropy is the book that will best help practitioners and observers in the public, private, and nonprofit sectors understand, in detail, how the current dramatic changes in the financing of social-purpose activities will fully play out." --Doug Bauer, Executive Director, The Clark Foundation, and former Senior Vice President, Rockefeller Philanthropy Advisers

"Philanthropy today is changing radically. A new breed of donors is emerging that wants to leverage its resources to change the status quo. They think of themselves as social investors and operate like entrepreneurs, tapping new financial resources and assembling complex financing packages. With New Frontiers of Philanthropy, Lester Salamon has given us the resource we need to understand this changing face of philanthropy and social investment. It is a superbly articulated effort drawing on Salamon's experience as a researcher and visionary and giving all of us who want to bring real progress to individuals and communities a clear path to the new world of social purpose finance that lies before us." --Marcos Kisil, President, Instituto para o Desenvolvimento do Investimento Social, Brazil

"This book provides a clear and accessible roadmap to the full range of new developments in impact investing and philanthropy. The broadest community of investors and foundations as well as a new generation of social entrepreneurs, nonprofit executives, and government officials will benefit from the depth and breadth of this work, enabling them to develop the know-how to better navigate the new and emerging opportunities for meaningful impact." --Charly Kleissner, Ph.D., Co-Founder KL Felicitas Foundation, Toniic, 100% IMPACT Network

"New Frontiers of Philanthropy represents a massive project and is an impressive and important accomplishment. The edited volume is an essential reference for 21stcentury scholars and students of philanthropy, impact investing, and social enterprise." ~Religion and Human Rights